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Money in the Modern World

Josef Jílek and Roman Matousek

The book explains the framework of the money, liquidity and monetary policy in the USA, the Eurozone, Japan, and the United Kingdom. Even if the book is based on contemporary banking practice, it arises from careful examination of the historical development of opinions on money, liquidity and monetary policy. The authors claim that money and liquidity (and the financial system as a whole) are demonstrated best through financial statements (balance sheet and income statement) which are based on accounting. Thus any operation is clarified through double-entry record. Furthermore, the fundamentals of the payment systems are outlined.

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Acknowledgements 11

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11 Acknowledgements Many people have played a part in the genesis of this book. Practitioners, aca- demics and students who have made suggestions including Charles Goodhart (Norman Sosnow Professor of Banking and Finance, London School of Econo- mics), L. Randall Wray (Professor of Economics, University of Missouri-Kansas City), Lex Hoogduin (Head of Research de Nederlandsche Bank, Professor of Monetary Economics and Financial Institutions), Huw Pill (Head of Division, Monetary Policy Stance, European Central Bank), Jonathan Thomas (Monetary Assessment and Strategy Division, Bank of England), Frederic Gielen (Lead Financial Management Specialist, The World Bank Group) and Jaroslav Kucera (International Monetary Fund).

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